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    • Daily FX Update

    Dollar higher on Fed taper news

    • July 15, 2021

    The dollar reversed earlier losses and is higher on the day. The dollar started the today on the soft side following yesterday’s dovish comments by Fed Chair Powell. This morning’s news that China’s economic growth data met expectations fueled gains in the CNY/dollar weakness. The dollar rallied after hawkish comments this morning by St. Louis Fed President James Bullard, who argued to taper bond purchases/reduce stimulus on inflation concerns. The dollar is broadly higher, the index up by 0.25%. US and European stocks are lower. US Treasury 10Yr yields fell by 3 bps to 1.32%. Gold and oil prices fell slightly $1843 and $72.00, respectively. Traders await Fed’s Powell second day of Congressional testimony.

    “I have no special talent. I am only passionately curious.”
    Albert Einstein
    • FX Rates
      July 15, 2021

      Rates are not real time. Rates are today's indicative mid-market rates as of time of publishing, which may vary. Please contact SVB for a current quote.

      EUR/USD1.1813
      GBP/USD1.3856
      USD/CAD1.2546
      AUD/USD0.7440
      USD/JPY109.9900
      USD/CNH6.4613
      USD/ILS3.2757
      USD/MXN19.9249
      USD/CHF0.9182
      USD/INR74.5450
      USD/BRL5.1193
      USD/SGD1.3540
      USD/DKK6.2954
      USD/SEK8.6630
      USD/NOK8.8080

    • USD

      The dollar is higher on the day, fueled primarily by Fed’s Bullard hawkish comments. In an interview with Bloomberg, he said the Fed has reached both its inflation and employment goals, suggesting that the Fed should move forward with tapering its bond purchases. Bullard is not currently a voting member of the FOMC. Fed Chair Powell is the key voting member, and he remains dovish, committed to continue stimulus until further progress is seen with economic recovery and employment.

      GBP

      The UK pound moved little overnight, but outperformed nearly all its peers in today’s strong dollar environment. Higher-than-expected inflation and strong employment data fueled demand for the currency.

      EUR

      The euro fell slightly in line with the broadly stronger US dollar. ECB central bank governor Ignazio Visco said that tapering would be avoided, and “monetary policy not be tightened for a long period.” There were no economic data releases for the eurozone today.

      CAD

      The CAD is weaker by nearly 0.30% overnight, reversing a four-day rally in the currency following the Bank of Canada’s announcement that it would continue to taper bond purchases despite forecasts of higher inflation. Existing Home Sales for June were lower by 8.4%, worse than May’s -7.4%.

      ASIA/PACIFIC

      The Chinese yuan reversed earlier losses on news that China’s economic growth met expectations. GDP for Q2 grew by 7.9% YoY, down from 18.3% in Q1.

      The USDJPY trades under 110 and is nearing its lowest levels in a month.

    Contact Us

    For more analysis on FX markets or information regarding SVB's FX services:

    Contact your respective SVB FX Advisor or the SVB FX Advisory Team at fxadvisors@svb.com.
    See all of SVB's latest FX information and commentary at www.svb.com/trends-insights/foreign-exchange-advisory

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     Source: Bloomberg
     

    This article is intended for U.S. audiences only.

    ©2022 SVB Financial Group. All rights reserved. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license.

    The views expressed in this email are solely those of the author and do not reflect the views of SVB Financial Group, or Silicon Valley Bank, or any of its affiliates. This material, including without limitation the statistical information herein, is provided for informational purposes only. The material is based in part upon information from third-party sources that we believe to be reliable, but which has not been independently verified by us and, as such, we do not represent that the information is accurate or complete. The information should not be viewed as tax, investment, legal or other advice nor is it to be relied on in making an investment or other decisions. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction.

    Foreign exchange transactions can be highly risky, and losses may occur in short periods of time if there is an adverse movement of exchange rates. Exchange rates can be highly volatile and are impacted by numerous economic, political and social factors, as well as supply and demand and governmental intervention, control and adjustments. Investments in financial instruments carry significant risk, including the possible loss of the principal amount invested. Before entering any foreign exchange transaction, you should obtain advice from your own tax, financial, legal, accounting and other advisors, and only make investment decisions on the basis of your own objectives, experience and resources.

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